The paper provides a broad and multifaceted review of the obtained literature on the impact of standardization and adaptation on value proposition of companies. The business model canvas is highlighted as the backbone of this research, and the value proposition block is reviewed. Elements/Measure to look at the effect of standardization and adaptation on value proposition are identified, with literature analyzed in that accord. The review reveals that scholars have different views on the subject which creates an interesting foundation for further studies to be done in this area. This study is a conceptual work that involves the reviewing prior knowledge taken from empirical articles. These articles were collected from scholars who have expertise in the area of this research. The search engines used were Google scholar, AUB library, JStor, SAGE, Emerald insight, Sciencedirect amongst others. The keywords used in the search for relevant articles include standardization, adaptation, value proposition, value creation, business model canvas, business model. The findings suggest that the decision to either standardize or adapt has an impact on value and can be measure by performance, cost reduction, brand/status, risk reduction, convenience, price, customization and accessibility. The study also provides important implications for companies, identifies limitations and suggests areas for further and future research.